Applying to MBA colleges? Here’s how to best spend your application budget

By Prof Ashutosh Kar 

An MBA is an expensive proposition and let’s assume that you have allocated about Rs 20,000 to apply to 10 MBA colleges of your choice. But, herein lies the question: What parameters should you keep in mind while you shortlist your institutes? Should you go by the claims of a 100% placement record and only look at the rankings of the various B-schools you choose?

The fact is that if you just go by these two considerations you will not be able to zero in on the 10 most suitable institutes. And since this is going to be one of the most important decisions of your life, you cannot afford to make a mistake.

Based on my experience, you should consider these six parameters before deciding on how to spend your Rs 20,000.

First, shortlist 10 potential B-schools that fit in with what you want out of your MBA. Once you have your list ready look for the following:

1. Rankings

Ranking tables are still critical to your choices, but they can be fickle and variable, especially on how they get their data. So, you need to look at them very critically. However, remember that rank is one of the parameters for evaluating a B-school. In the absence of a single, consistently rigorous and credible ranking system in India, Ranks can only serve as a reference, an important one of course, but not the only one.

So, while rankings are a useful guide it depends on who is doing them. Is it someone credible like the Outlook Drshti B-school survey or the NHRDN-People Matters B-school Survey? India Today, CNBC TV18, Outlook and Business Today also conduct surveys that are acknowledged by the industry.

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2.The Alumni

A good alumni network is critical. In 2010, Harvard Business Review published an article linking financial rewards to alumni networks. They found that not only do MBA graduates prefer to work with their fellow alumni; they seek out people from the same school. And, the closer the affinity, the greater the likelihood that connections will be made and used. So, look at your selected B-schools’ alumni and find out whether, in addition to the classes and professors, the alumni of that school are connected in the places you want to be.

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3. Placements

Never be enamoured by 100% percent placement claims, without going into the details of who the recruiters are, and what salary they offer. An institution can easily achieve 100% placement by not keeping a minimum salary for its students. Or by inviting companies that are not established players. Therefore, check on the number of companies that visited your selected schools, what kind of offers were made, whether the placement process is transparent and who the recruiters were.

4. The Faculty

The faculty is what makes a B-school. Do your chosen B-schools have a large visiting faculty as opposed to in-house staff? Does the faculty have expertise in more than just fact collection? Do the professors have broad perspectives and diverse skills that will help you reach effective business decisions?

5. Return on Investment

Return on investment (RoI) is a method of comparing the post-graduation salary of an MBA course against the costs involved in taking that course. An MBA is an expensive proposition and most students avail of loans in order to put themselves through the programme. So it is worth knowing why if at all the RoI seems unreasonably low.

6. Industry Exposure and a Conducive Environment

A diverse student community in a well connected and easily accessible campus that is equipped with all the modern amenities characteristic of a world-class educational establishment makes for an ideal learning environment. This coupled with good industry exposure – and you can’t ask for better! Any institution with a good industry exposure must have regular seminar talks, conventions, conclaves. It must also be able to have the top management of large companies to come and speak to students and interact with them. And more importantly, have strategic tie-ups with important industry bodies.

I am sure once you use these six pointers you will come up with a different list of B-schools – other than one based only on rankings and a 100% placement record!

All the best!

About the Author:

Professor Ashutosh Kar is an alumnus of IIM Ahmedabad and is currently an Associate Professor in the area of Information Technology at the KIIT School of Management (KSOM), Bhubaneswar, a part of the KIIT (Kalinga Institute of Industrial Technology) University. He joined KSOM after serving in organizations such as Syntel, TCS and IBM Global Services. You can read more of his articles on CAT, Management Studies and others on his blog.

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